Alexander Forbes pledges permanency with change in corporate status

Financial services firm Alexander Forbes has begun a rebranding exercise following the change of ownership that has resulted in Alexander Forbes Group of South Africa reducing its stake.

Alexander Forbes Group of South Africa, which is listed on the Johannesburg Stock Exchange (JSE), has reduced its stake in Alexander Forbes East Africa to comply with an amendment to the Retirement Benefits Act which restricts foreign ownership in a pension fund administrator to a maximum of 40 per cent.

Alexander Forbes (South Africa) is now a minority shareholder with a 31.3 per cent stake down from 60 per cent and this has necessitated a change in the brand from Alexander Forbes to Zamara.

“We have valued our partnership with Alexander Forbes, but the legislative change has given us a unique opportunity to chart our own destiny and strategy that will include new products and services and an expansion drive,” said Alexander Forbes East Africa Group Chief executive Sundeep Raichura, who also said that the move would not trigger change in management operations as a result of the rebranding exercise.

“We wish to inform our customers, employees and other stakeholders that our operations will continue uninhibited as we enter a new and exciting phase in our business and bring a fresh perspective to financial services.  Our team is committed to continue providing the highest quality of actuarial, pensions, medical and insurance solutions,” he said.

The new entity is now majority owned by Kenyan investors and the Employee Share Ownership Plan (ESOP). The leadership ladder will remain unchanged led by Board Chairman Mr Michael Waweru, Group Chief Executive Sundeep Raichura and Executive Director James Olubayi.